Should Investors Be Buying These Top EV Charging Stocks Right Now?

Although

electric vehicle (EV) stocks

have seen better days, it is undeniable that there is a global push toward the adoption of EVs. Automakers from all over the world are electrifying their offerings, and governments are granting a slew of incentives. However, for EVs to truly take off into the mainstream, there needs to be a proper EV charging infrastructure in place. Because of this, EV charging stocks could be a key investment theme this decade. Therefore, I could see why investors may be looking to buy the

best EV charging stocks

while they’re cheap.

On Thursday, it was reported that

Ford

(

NYSE: F

) and South Korean battery maker SK On Co. have finalized their joint venture (JV). For those unaware, the two had signed a memorandum of understanding to set up a JV here in the U.S. The JV, named BlueOval SK LLC, will be setting up a battery plant for EVs in Tennessee and two other facilities in Kentucky. Accordingly, BlueOval SK is expected to generate 60-gigawatt hours of power annually, with the potential of being raised further. Given this development, here are the best EV charging stocks to check out in the

stock market

today.

EV Charging Stocks To Buy [Or Sell] Today

• 
  EVgo Inc.
  
  (
  
  NASDAQ: EVGO
  
  )
• 
  Wallbox NV
  
  (
  
  NYSE: WBX
  
  )
• 
  ChargePoint Holdings Inc.
  
  (
  
  NYSE: CHPT
  
  )
• 
  Blink Charging Company
  
  (
  
  NASDAQ: BLNK
  
  )

EVgo

Starting us off today is

EVgo

. The company claims to have the largest public fast-charging network in the U.S. Furthermore, it uses 100% renewable energy to power its charging stations. The company has over 850 fast-charging locations that serve over 60 metropolitan areas across 30 states. On top of that, the company says that more than 130 million people in the U.S live within a 10-mile drive of an EVgo fast charger. Impressively, the company’s charging stations boast a charge time of between 15 to 45 minutes. Over the past week, EVGO stock has risen by about 13%.

On Thursday,

General Motors

(

NYSE: GM

) announced that it will be building a new network of EV fast chargers in partnership with Pilot Co. and EVgo. For those unfamiliar, Pilot Co. is the owner of the Pilot and Flying J highway travel centers. To be precise, the companies will install a total of 2,000 fast chargers at 500 of Pilot’s locations. The chargers will be posted along American highways at intervals of approximately 50 miles. The partners also expect to have a significant portion of the charges up and running by the end of 2023. Given this collaboration, should you invest in EVGO stock?

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Wallbox NV

Another notable EV charging stock worth watching is

Wallbox

. In short, it is a company that creates EV charging and energy management systems. These essentially enable users to control their power consumption and save money. Its main product is the Pulsar Plus, which is a compact yet powerful and fast EV charger at home. The company also offers a vast portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 80 countries.

Earlier this week, Wallbox announced a new partnership with Svea Solar. For those unfamiliar, Svea Solar is one of Europe’s fastest-growing cleantech companies and Sweden’s largest solar energy company. Notably, Wallbox will be the main EV-charging solution for Svea Solar’s consumer offerings in Sweden, the Netherlands, Belgium, Germany, and Spain. Interestingly, Svea Solar is a partner to IKEA in four European markets, offering solar systems to residential customers. By extension, this would likely expose Wallbox to a broader market of customers. Wallbox products will be sold alongside Svea Solar’s solar offering to complement its users’ home energy needs and empower more people to switch to EVs. As such, should you invest in WBX stock?

ChargePoint

Following that, we have

ChargePoint

. For those unfamiliar, this is a company that develops and markets networked EV charging system infrastructure while providing cloud-based services. As part of its networked charging systems, it provides an open platform that integrates with system hardware from various EV companies and manufacturers. Hence, it can provide real-time information about charging sessions. And like many other stocks in the market, CHPT stock has tumbled more than 50% over the past year. Could this be a good time to buy the dip?

Last month, the company announced a new partnership with the National Electrical Contractors Association (NECA). Through this partnership, the two will be working together to accelerate the deployment of EV charging. Specifically, ChargePoint and NECA will be developing training programs for its electrical contractor members who install EV charging infrastructure. “

Through this collaboration, we are connecting our technical experts with NECA’s network of thousands of electrical contractors, who are key partners that ensure connected, software-enabled charging solutions are installed proficiently in communities across the country

,” said Anthony Harrison, senior director of North American policy for ChargePoint. With that being said, is CHPT stock worth adding to your watchlist?

Blink Charging Company

Last, but not least, we have

Blink Charging.

In essence, it is a company that provides EV charging equipment and charging services. Blink’s principal line of products and services includes its Blink Network and EV supply equipment. For a sense of scale, the company currently operates over 30,000 charging ports across 18 countries. In addition, its charging stations are linked via its global network, allowing users to conveniently charge at any of its locations worldwide. Over the past month, BLNK stock has gained over 15% in price.

In June, the company announced that it has closed its acquisition of SemaConnect. For those unfamiliar, SemaConnect is a leading provider of EV charging infrastructure solutions in North America. This $200 million transaction will add nearly 13,000 EV chargers, 3,800 site host locations, and more than 150,000 registered EV driver members to its network. Through this strategic acquisition, Blink will be the only EV charging company to offer complete vertical integration from R&D and manufacturing to EV charger ownership and operations. Given this news, would you invest in BLNK stock?

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